CLEVELAND, Nov. 10, 2021 /PRNewswire/ --PureCycle Technologies, Inc. (Nasdaq: PCT) is now the official plastic recycling partner of the Cleveland Browns. The two are teaming up to enhance plastic waste management solutions at the stadium on gameday and advance the sustainability loop at its games. The Cleveland Browns are the first sports team to partner with PureCycle and its PureZero TM waste program as they continue to identify ways to improve plastic-recycling efforts on gamedays and throughout the year.
PureCycle's partnership with the Cleveland Browns will kick off on America Recycles Day (Nov. 15) during a Community Day of Action at Chambers Elementary School, located at 14121 Shaw Avenue, Cleveland, Ohio, from 8:30 a.m. to 12:30 p.m. The event is open to the media. Volunteers from PureCycle and the Browns will join the Community Day of Action through the Browns' signature Cleveland Browns' "First and Ten" movement, which was created in 2014 to inspire fans to #give10 and help their communities by volunteering for at least 10 hours each year.
David Safer, Vice President of Corporate Partnerships, Cleveland Browns, said "We are excited to officially launch our partnership with PureCycle and to make a positive impact in our community together, including through our volunteering event on America Recycles Day. The Browns are focused on creating exceptional experiences for our fans throughout the year and on gamedays, and we look forward to incorporating the PureZero TM waste program at our stadium to benefit our organization, our fans and our region."
Mike Otworth, CEO, PureCycle, said, "As someone born and raised in Ohio, I'm thrilled that the first sports team to adopt PureCycle's PureZero program is the Cleveland Browns organization. With PureCycle's PureZero program, cups from each home game can be recycled into an ultra-pure recycled plastic that can become next season's stadium cup. We will work with the Browns to create a beneficial environmental impact that will bolster their efforts to be leaders in the community. The Cleveland Browns are the perfect partner for this program with our flagship recycling plant just a few hours away."
With this program, PureCycle aims to reduce the amount of plastic waste generated at each game through an engaging plastic recycling program and community messaging to educate fans. Polypropylene plastic (designated as No. 5 plastic) is often the most-used material at any given stadium's concessions, and this type of plastic often goes unrecycled because contaminants like food are hard to remove during the recycling process. Through game-changing technology, PureCycle will recycle souvenir stadium cups –removing virtually all contaminants, colors and odors – to create an ultra-pure recycled (UPR) plastic that can be recycled over and over again.
PureCycle will collect polypropylene plastic waste from Cleveland Browns' home games to be recycled and transformed into UPR plastic at PureCycle's Ohio flagship facility in Ironton with the goal of significantly increasing recyclable materials and further advancing sustainability efforts for the stadium and team.
About PureCycle Technologies PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., holds a global license to commercialize the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company, for restoring waste polypropylene (PP) into ultra-pure resin. The proprietary process removes color, odor and other contaminants from recycled feedstock resulting in ultra-pure polypropylene suitable for any PP market. To learn more, visit purecycle.com.
About the Cleveland Browns A member of the National Football League's AFC North division, the Cleveland Browns are operated by Haslam Sports Group (HSG) and have long been among the most iconic and historic professional football clubs. Bolstered by eight league titles, 13 division championships and 17 Pro Football Hall of Famers, the Browns were established in 1945 as a charter team of the All-America Football Conference (AAFC). The Browns played their inaugural season in 1946 and finished in first place during each of the league's four years of existence (1946-49). Cleveland was one of three AAFC teams selected to merge with the NFL in 1950 and appeared in the league's title game in each of its first seven seasons, claiming three of its four NFL championships overall (1950; 1954-55; 1964) during that stretch. The Browns' 16 Pro Football Hall of Famers, the sixth-most in the NFL, include founder Paul Brown, legends Jim Brown, Otto Graham and Lou Groza, as well as Marion Motley and Bill Willis, two of the first African-Americans who helped break professional sports' race barrier in 1946. After a relocation to Baltimore in 1995, Cleveland was awarded an expansion franchise that returned to play in 1999, retaining all of the club's history and its namesake. In 2012, Dee and Jimmy Haslam, CEO of Pilot Flying J, purchased a controlling interest of the Cleveland Browns. Their vision for the Browns is to build a consistently winning football team, to take exceptional care of Browns fans and to be leaders in the Northeast Ohio community through the core areas of education, youth football the team's signature First and Ten volunteering movement. The Browns, led by Head Coach Kevin Stefanski and Executive Vice President of Football Operations and General Manager Andrew Berry, play their home games at FirstEnergy Stadium in Downtown Cleveland.
This press release contains forward-looking statements, including statements about the financial condition, results of operations, earnings outlook and prospects of PCT. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section of PCT's Quarterly Report on Form 10-Q entitled "Risk Factors," those discussed and identified in public filings made with the Securities and Exchange Commission (the "SEC") by PCT and the following:
PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's UPR in food grade applications (both in the United States and abroad);
PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR and PCT's facilities (both in the United States and abroad);
expectations and changes regarding PCT's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT's ability to invest in growth initiatives;
PCT's ability to scale and build the Ironton, Ohio plant in a timely and cost-effective manner;
PCT's ability to build its first U.S. cluster facility, located in Augusta, Georgia (the "Augusta Facility"), in a timely and cost-effective manner;
PCT's ability to sort and process polypropylene plastic at its plastic waste prep ("Feed PreP") facilities;
PCT's ability to maintain exclusivity under the Procter & Gamble Company license;
the implementation, market acceptance and success of PCT's business model and growth strategy;
the success or profitability of PCT's offtake arrangements;
the ability to source feedstock with a high polypropylene content;
PCT's future capital requirements and sources and uses of cash;
PCT's ability to obtain funding for its operations and future growth;
developments and projections relating to PCT's competitors and industry;
the outcome of any legal or regulatory proceedings to which PCT is, or may become a party, including the recently filed securities class action case and the ongoing SEC investigation;
the ability to recognize the anticipated benefits of the business combination;
unexpected costs related to the business combination;
geopolitical risk and changes in applicable laws or regulations;
the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors;
operational risk; and
the risk that the COVID-19 pandemic, including any variants and the efficacy and distribution of vaccines, and local, state, federal and international responses to addressing the pandemic may have an adverse effect on PCT's business operations, as well as PCT's financial condition and results of operations.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of PCT prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements or other matters attributable to PCT or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. Except to the extent required by applicable law or regulation, PCT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.